Expansion of several industries such as food & beverage, building & construction etc., has led to the growth of several players operating in the respective industries. These industries are expanding at a rapid pace and several players are operating at the global level. The success of these businesses largely depends on the smooth functioning of their logistics divisions. Logistics plays a pivotal role in the successful functioning of any business. Strapping materials form a major and an integral part of logistics, when it comes to the packaging of materials that are being transported. Strapping material can be any material that is used for strapping and packaging of the goods and materials that are being transported. The typical strapping materials employed in various applications include plastics, woven cords, and steel. The preference for the strapping material depends on the weight of the overall packages it is being used for, the kind of application, and the kind of conditions it is expected to be subjected to. Steel strapping is generally employed for heavy duty applications, where high break strength is essential due to the heavy weight of the goods to be transported. The market for strapping materials is expected to expand at a rapid pace due to industrial growth and globalization of various businesses, which call for efficient logistics. Asia Pacific is witnessing rapid economic, industrial, and infrastructural development. Developing countries such as China, India, the Philippines, Vietnam, and Indonesia are turning into manufacturing hubs for several major global companies, owing to the abundant availability of land and low labor costs.
Based on the material type, the market for strapping materials can be segmented into steel, plastic, and woven cord & nylon. The plastics material segment can be further categorized into polyester and polypropylene. Steel strapping is the stronger than its other counterparts, and is generally utilized for strapping in heavy duty applications. Steel strapping possess high break strength, and is highly reliable. However, steel strapping can be used for applications in which elongation and recovery is not desirable. Plastic strapping and, especially, polyester strapping is substituting steel strapping in several applications, owing to its characteristics such as high break strength, elongation & recovery, and ability to withstand high tension. Plastic strapping material segment holds a major share of the strapping materials market, and is expected to dominate the market during the forecast period. The market for plastic strapping materials is estimated to expand at a rapid pace during the forecast period, owing to the rapid expansion of end-user industries such as food & beverage and electronics.
In terms of application, the strapping materials market can be segmented into food and beverage, industrial, consumer electronics, building & construction, and other applications. Currently, the industrial application segment dominates the strapping materials market, due to the expansion of the industrial sector in Europe, North America, and Asia Pacific. Furthermore, several countries in the Middle East such as Saudi Arabia are in the process of transforming their economy from an oil-based economy to an economy based on manufacturing sector. The industrial segment is expected to expand at a significant growth rate during the forecast period.
In terms of geography, Asia Pacific dominates the global market, owing to the expansion of the application industries such as food and beverage and consumer electronics in the region. Countries such as China, India, and the countries in ASEAN are witnessing rapid industrial growth. These countries are turning into manufacturing hubs for several global manufacturing giants in diverse fields. Asia Pacific is anticipated to dominate the market during the forecast period, and the market is expected to expand at a steady pace during the forecast period.
Key players operating in the global strapping materials market include Technopack Corporation, Strapack, Inc., Signode, Signor Strapping Solutions, Titan Umreifungstechnik GmbH & Co. KG and EAM-Mosca, Martin Packaging, and Crawford Packaging.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.